As you can imagine, creating a budget for a big Adventure is no mean feat! Working out how much money you need and budgeting pay for it are two big jobs. It is really important to work it out as soon as possible.
It took us some savings and then more than 18 months to save for our trip! We will be highlighting our outgoings and expenses in our blog as we travel.
How can YOU save and budget for an Expedition?
Firstly look at all the areas of your life in which you spend money. Write it all down and see how you can look at making savings.
Rent: Would moving somewhere cheaper be an option? Could you get a housemate for the spare room, or rent it out via Airbnb?
Travel: Do you have a car? Do you need it? Can you use it less… cycle to work, walk? If you buy your train ticket or bus ticket in advance can you get a discount?
Food / Socialising: Create a weekly budget and food plan. Start taking packed lunches into work. Invest in a £10 thermos flask to save yourself £3.00 a day on coffee.
Sell some stuff: Most of us have things around the house that we no longer use that can make us some money. Old electrical items, DVD’s, books and clothes can all be sold online on sites like ziffit, ebay and Gumtree.
Extra Work: Is it feasible for you to take on a part-time job to help pay for the trip – in a pub or bar or dog walking for your neighbours? Last year I spent Christmas at home and earned a bit of extra cash feeding my neighbour’s cats while they went away for the Holidays.
How did we budget to save for this trip?
Here are some ways in which we saved money for this trip.
Worked Harder: We both work as freelancers in the Event Industry, which typically demands a higher wage then full time members of staff due to our specific skill sets and longer working hours. Both of us worked more jobs last year. Hannah also focused on building her online business so that she could potentially work on the road.
Increased our income with Airbnb: Hannah rented out the spare room in her property which went straight into the money for the trip.
Reduced our Bills: We checked that all our suppliers were giving us the cheapest Gas, Electric, Mobile and Broadband deals. We don’t have Sky and also cancelled all other subscription services (such as Netflix, Spotify, Apple Music etc). Neither of us are members of a gym!
Reduced our Travel Costs: Neither of us own a car so have no expenses in that regard. We both walk or cycle everywhere, and alternatively use cheap public transport.
Stopped Shopping: We both took pretty much a total shopping ban for 2016 unless it was for items for the trip. No new clothes or books. Knowing that we were having to reduce everything we own to a few backpacks by the end of the year made this easier.
Organised our Food: We created weekly food budgets, meal planned and packed lunches which reduced our weekly food bills down to around £30 each a week.
Changed our Social Life: For us, life is about experience and friendships but we knew we needed to reduce our outgoings to pay for the trip. We reduced our nights out to once a week (as opposed to three)
On top of some savings, within 18 months we had managed to save £40,000 together for our Expedition.
Please check out the resources and information we have created at betternotstop. We understand everyone’s situations are different so please take what you can from our suggestions and adapt them to fit your own lifestyle.